Table of Content

25 July 2025, Volume 33 Issue 7 Previous Issue   

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Digital Omnichannel Customer Behavior: Research Hotspots and Knowledge Framework Xiaohong Chen, Zhihui Yang, Dongbin Hu 2025, 33 (7):  1-10.  doi: 10.16381/j.cnki.issn1003-207x.2022.2163 Abstract ( 54 )   HTML ( 0 )   PDF (2096KB) ( 31 )   Save In recent years， the popularity of mobile devices， the global COVID-19 pandemic and the rapid development of digital technology have significantly changed consumer shopping behaviour and habits. With the continuous penetration of industrial digitalisation， the omnichannel model is constantly evolving and upgrading. The digital omnichannel customer behaviour under multi-channel， multi-scene and multi-touch-points is more complex and uncertain， and how to accurately capture customer behaviour and effectively satisfy customers’ personalised needs is increasingly becoming the focus of attention in the industry and academia.Driven by reality and theoretical needs， the bibliometric analysis method is adopted to analyse the 340 English-language articles cited in the core database of Web of Science from 2000 to 2022 and the two major techniques of performance analysis and scientific mapping are applied. On the one hand， the publication trends， journal sources and core papers of the research field are systematically sorted out； on the other hand， the cooperation network among the research fields is obtained from the micro-， meso-， and macro-levels， and the most prominent research topics in the field are obtained， according to which the logical knowledge framework is constructed.The results show that　（1） the academic interest in this field is expected to explode in the future， with China and the United States being the countries with the highest publication output， and local cooperative networks between research institutions have been formed； （2） the field focuses on seven major research themes： webrooming， channel dissynergies， supply chain management， brand management， digital products， online retail and omnichannel retail； （3） the knowledge framework of digital omnichannel customer behaviour is constructed based on the SOR theory， and the future research directions are proposed from the whole-journey customer behaviour of “pre-purchase → mid-purchase → post-purchase” throughout the customer behaviour journey. The current research status of digital omnichannel customer behaviour is sortedout， several prominent research hotspots are explored， the application context and practical potential of digital technology are expanded， the theoretical connotation of consumer behaviour is enriched， and useful management implications for subsequent academic research and business practice are provided. Figures and Tables | References | Related Articles | Metrics

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Financial Systems Engineering in China: 2010－2024 — A Bibliometric Study Wei Zhang, Zhuo Chen, Xu Feng, Xiong Xiong, Yongjie Zhang 2025, 33 (7):  11-23.  doi: 10.16381/j.cnki.issn1003-207x.2024.2359 Abstract ( 29 )   HTML ( 0 )   PDF (3496KB) ( 26 )   Save The concept of financial systems engineering is considered as viewing financial systems as multidimensional，dynamically evolving complex systems．Methods from systems science and systems engineering are applied to deeply explore their dynamic characteristics and evolutionary patterns．Against the backdrop of a highly interconnected global economy and rapid advancements in digital intelligent technologies，the complexity and interconnectedness of financial systems have been continually deepening．Financial systems engineering has been recognized as an important field that has attracted widespread attention from both academia and practice．To understand the knowledge accumulation and progress made by Chinese scholars in this emerging field，research outcomes from 2010 to 2024 have been systematically reviewed．Bibliometric analysis methods are employed to trace the academic development path and compare research hotspots．Based on the evolution patterns and changes in hotspots，future research directions have been proposed to provide references for the development of the field of financial systems engineering． Figures and Tables | References | Related Articles | Metrics

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Group Ranking Data Envelopment Analysis Model Ren Mu, Lining Hao, Ankang Li, Shuyi Zhang, Wei Cui 2025, 33 (7):  24-32.  doi: 10.16381/j.cnki.issn1003-207x.2023.1971 Abstract ( 31 )   HTML ( 0 )   PDF (1644KB) ( 23 )   Save In many practical decision-making problems， we not only focus on the best efficiency of decision-making units， but also on the best ranking of decision-making units. Therefore， scholars have proposed a data envelopment analysis method that can provide the ranking interval of decision-making units. However， existing ranking methods cannot provide a joint ranking strategy for group decision-making units. In fact， in complex and fierce market competition， companies often use alliance strategies to expand their own advantages and compensate for their disadvantages. In view of this， a group ranking data envelopment analysis model is proposed that can provide joint best and worst ranking for group decision making units. This model not only provides a new basis for the effective alliance of decision-making units， but also provides a quantitative basis for the cooperation effect of the alliance. Finally， specific group ranking results were obtained using 18 logistics companies and 53 metal product companies in China as examples. Figures and Tables | References | Related Articles | Metrics

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Research on the Effectiveness of Central Bank Communication and the Management of Inflation Expectations from the Perspective of Expectations Kunshu Zhou, Bo Zhang, Jianling Jiao 2025, 33 (7):  33-43.  doi: 10.16381/j.cnki.issn1003-207x.2022.1300 Abstract ( 17 )   HTML ( 0 )   PDF (2995KB) ( 10 )   Save Central bank communication， as a crucial tool for managing monetary policy expectations， aims to convey information to the public， thereby influencing their economic behavior. The communication of the central bank in shaping inflation expectations is of significant importance for enhancing the effectiveness of monetary policy and ensuring the stable development of the macroeconomy. The Latent Dirichlet Allocation （LDA） model and the Gate Recurrent Unit （GRU） model are employed to quantitatively measure the communication index of China's central bank and inflation expectations. Furthermore， using the TVP-SV-VAR model， empirical analysis is conducted to examine the effectiveness of central bank communication in managing inflation expectations. It is revealed that the central bank's release of positive and prudent signals helps guide the public in forming rational inflation expectations， but attention should be paid to the self-reinforcement of these expectations. Additionally， the central bank should adjust its communication content promptly based on inflation conditions. Therefore， precise communication language can increase forward guidance and is crucial for enhancing the effectiveness of central bank communication management in China. While implementing central bank communication as a novel monetary policy tool should be combined with traditional monetary policy tools， providing a reference for the future inclusion of central bank communication in the toolbox of monetary policy regulation. Figures and Tables | References | Related Articles | Metrics

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Cross-Market Contagion of Stock Market's Extreme Risks between China and Other Major Emerging Market Countries Ke Yang, Xin Liu, Fengping Tian 2025, 33 (7):  44-53.  doi: 10.16381/j.cnki.issn1003-207x.2022.1770 Abstract ( 19 )   HTML ( 0 )   PDF (3757KB) ( 32 )   Save Within the framework of economic globalization， an intensifying interconnectedness among financial markets has been observed， particularly exacerbated by the aftermath of the 2008 global financial crisis. The phenomenon of financial risk contagion across geographical boundaries has garnered considerable scholarly and regulatory scrutiny on a global scale. Emerging markets have ascended as pivotal engines propelling global economic expansion， a big number of international investors has been focused the China’s financial markets， which have emerged as a focal point within the emerging markets sphere. Meanwhile， the other emerging markets will boost their external openness to improve the efficiency in terms of asset allocation. Against this contextual tapestry， empirical investigation into the cross-market transmission of extreme risks amongst China and other preeminent emerging equity markets serves a dual purpose： elucidating the mechanistic pathways of extreme risk propagation and furnishing vital theoretical underpinnings along with strategic directives aimed at forestalling and mitigating such perils， thereby safeguarding and nurturing the stability and robust， orderly progression of our nation's financial markets.The scholarly contribution of this paper is twofold　（1） It examines the interconnectedness between the Chinese and other principal emerging market equities from a tail-risk perspective， thereby augmenting the extant literature on mean and volatility spillovers across stock markets； （2） To ascertain the asymmetric influences of positive and negative market shocks on tail-risk transmission， the MVMQ-CAViaR model is adapted to incorporate asymmetry， formulating an Asymmetric MVMQ-CAViaR model. This refined approach facilitates an in-depth scrutiny of the cross-market contagion dynamics of extreme risks among China and other major emerging market equities. The significance of these extreme risk contagion effects is empirically assessed using constructed Wald tests， with quantile impulse response functions subsequently employed to unravel the underlying transmission mechanisms of extreme risk among equity markets. Figures and Tables | References | Related Articles | Metrics

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Study on Dynamic Dependence and Risk Contagion Effect of Crude Oil Market and Tanker Market Considering Multi-scale and Multi-state Kaili Xue, Haibo Kuang, Bin Meng 2025, 33 (7):  54-67.  doi: 10.16381/j.cnki.issn1003-207x.2022.2287 Abstract ( 22 )   HTML ( 0 )   PDF (4238KB) ( 8 )   Save In this paper， considering that market participants are concerned about market volatility in different time frames， the influence of tanker type on the dependence structure and the possibility of structural changes， a time-varying MRS copula model based on MODWT decomposition is constructed to describe the multi-state dynamic dependence relationship between crude oil market and tanker market， and the tail risk dependence coefficient is used to measure the contagion effect of multi-scale and multi-state tail risk. It reveals the risk contagion change rule between crude oil market and tanker market. Finally， the time-varying MRS copula model is compared with the traditional copula model in order to verify the validity of the time-varying MRS copula model in studying the dependence between crude oil price and tanker market. The results show that： （1） There are two states （high and low dependence states） of the dependence structure between crude oil market and tanker market at different scales， indicating structural changes in the dependence structure between crude oil market and tanker market at different scales. （2） As the time scale increases， the degree of tail risk volatility within the tanker market becomes less and less， and finally stabilizes at the long-term scale， while the risk contagion effect increases with the increase of the time scale. （3） The mean value of time-varying tail risk between the crude oil market and the overall tanker market at different time scales is greater than that between the crude oil market and the tanker segment， indicating that the overall tanker market is more vulnerable to the crude oil market. In addition， the time-varying tail risks in both states show asymmetry and the high-dependence state is larger than the low-dependence state. Among them， the risk contagion effect in the high-dependence state decreases with increasing time scale. Figures and Tables | References | Related Articles | Metrics

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Research on Finding Strategy of Homogeneous Products Based on Intertemporal Pricing Policy in Reward-based Crowdfunding Xue Wang, Hang Wei, Yin Xiang 2025, 33 (7):  68-78.  doi: 10.16381/j.cnki.issn1003-207x.2022.0988 Abstract ( 22 )   HTML ( 0 )   PDF (2101KB) ( 10 )   Save In the current global economic environment， crowdfunding has rapidly developed into an important means for innovative enterprises and startups to obtain financing. However， despite crowdfunding becoming a key method for bringing innovative products to market， there are still significant differences in success rates， particularly between platforms that adopt different financing strategies. The two-phase pricing strategy is a common pricing method in crowdfunding， where companies often attract consumers by offering products in different models and colors to achieve their financing goals. However， whether to adopt separate or bundled financing for crowdfunding products， especially when using a two-phase pricing strategy， has become a critical focus for both crowdfunding projects and academic research.It focuses on how to optimize the financing strategy for two homogeneous products under the all-or-nothing （AoN） mechanism when adopting a two-period pricing strategy， specifically whether to choose separate crowdfunding or bundled crowdfunding. In particular， a two-stage model is constructed to explore the impact of the independence， substitutability， and complementarity of homogeneous products on the optimal financing strategy during crowdfunding. It also analyzes what differences in backers’ valuations and the distribution of those valuations under different market conditions determine the choice between separate crowdfunding or bundled crowdfunding.The research findings suggest that for independent products， bundled financing is usually the optimal choice； for products with strong substitutability or complementarity， the optimal financing strategy depends on the degree of interdependence between the products. Strongly substitutable products should adopt separate financing， while strongly complementary products are better suited for bundled financing. When the interdependence between products is weak， differences in backers’ valuations and their distribution become the deciding factors. Additionally， for complementary products， a discounted two-phase pricing strategy performs well in bundled financing. The study results provide practical guidance for companies in selecting pricing and financing strategies for dual products， especially in crowdfunding markets where tailored pricing strategies based on backers’ valuation differences can help improve both the success rate of financing and the total amount raised. References | Related Articles | Metrics

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Research on Cross-country Dynamic Spillover Effect of Economic Policy Uncertainty: From the Perspective of Network Multi-layer Structure Hongfeng Peng, Shiqun Ma, Xuetong Wang 2025, 33 (7):  79-91.  doi: 10.16381/j.cnki.issn1003-207x.2022.0229 Abstract ( 26 )   HTML ( 0 )   PDF (3498KB) ( 10 )   Save The international environment is becoming increasingly complex， with major uncertainties occurring frequently. Against this backdrop， economic policy uncertainties in various countries around the world have soared and spilled over across borders through various channels. A global spillover network of economic policy uncertainties has gradually formed， putting the economic stability of countries around the world under great threat. In this context， it is necessary to conduct an in-depth exploration of the global economic policy uncertainty spillover network structure. So， what are the structural characteristics of the global economic policy uncertainty network as a whole？ What are the evolving trends？ Complex association network often exhibit hierarchical structures， which， from a global perspective， are composed of micro-associative structures formed by multiple individual members. Therefore， what micro-structural characteristics exist in the network of economic policy uncertainty spillovers among countries globally？ What are the patterns of spillover， spillover agglomeration and the time-varying nature of both across countries globally？ Furthermore， what factors affect the spillover network structure of economic policy uncertainty？ What relationships exist between dynamic spillover network structures？ Addressing these questions may significantly reduce the difficulty of controlling global spillovers of economic policy uncertainty.The time-varying spillover indexes of economic policy uncertainty in 19 major countries （regions） from 2003 to 2020 are constructed. On this basis， from the perspective of network multi-layer structure， the social network analysis method is used to analyze the overall characteristics of the global spillover network of economic policy uncertainty， and the micro-structural characteristics of the spillover network， such as the basic spillover unit （motif） characteristics and sub-network structure characteristics. And then， the QAP analysis is used to explore the evolution inertia of the spillover network and the influencing factors of the spillover network structure. The results imply that， first， the global spillover effect of economic policy uncertainty is closely related to the impact of major events， and the spillover network and its structure own obvious time-varying characteristics. Second， the tightness of the transnational spillover network of economic policy uncertainty and the breadth and depth of the spillover of economic policy uncertainty are on the rise. There is a gradual convergence of the network centrality across countries （regions）， and the regional spillover pattern in the network is gradually changing to the central spillover pattern. The multi-center characteristics of the spillover network are increasingly obvious. Third， the situation of passively absorbing the spillover effects of economic policy uncertainty of other countries in China has improved， and the spillover correlation of economic policy uncertainty of China presents regional characteristics； Hong Kong mainly plays the role of economic policy uncertainty spillover transfer station. Fourth， there is a certain continuity and stability in the spillover relationship of economic policy uncertainty among countries （regions）； the foreign trade linkages of economies， the influence of the economies and the previous network spillover structure are important foundations for the formation and transformation of the spillover relationship of economic policy uncertainty among countries （regions） at this stage.It can broaden the research perspective of the cross-country spillover effect of economic policy uncertainty， enrich the literature on the spillover effect of economic policy uncertainty and its influencing factors， and provide theoretical support and decision-making reference for governments to effectively prevent and control uncertainty risk spillover shocks in this paper. Some important policy recommendations of this paper are as follows： first， government departments should pay close attention to the degree and dynamics of the economic policy uncertainty correlation between other countries and China， and establish a long-term mechanism for external economic policy uncertainty risk prevention policies； second， China should strengthen regulatory cooperation with other countries and strive to achieve comprehensive and multi-faceted information communication； third， while strengthening regional economic development， China still needs to pay attention to the regional prevention and control of economic policy uncertainty risks and Hong Kong’s status as a “transfer station” for economic policy uncertainty， enhancing Hong Kong’s risk identification and resilience. Figures and Tables | References | Related Articles | Metrics

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Extracting the Topics Affecting Fundraising Performance from Medical Crowdfunding Descriptions Based on the LDA Model Zhiqiang Jiang, Yi Tao, Yan Cui, Weixing Zhou 2025, 33 (7):  92-104.  doi: 10.16381/j.cnki.issn1003-207x.2022.1311 Abstract ( 20 )   HTML ( 0 )   PDF (4840KB) ( 5 )   Save Medical crowdfunding is an important channel to collect money to cover the medical expenses for poor families with severe illness. However， the fundraising performance of medical crowdfunding projects is still at a relatively low level. Therefore， to improve the fundraising performance， it is natural to stimulate more people to offer help. Project descriptions play a key role in disclosing crowdfunding project information and influencing potential donors. Therefore， the impact of crowdfunding project text information on fundraising performance is investigated， based on the data of 110329 medical crowdfunding projects from Qingsong Chou.The Latent Dirichlet allocation model is employed to analyze the potential semantics of project descriptions. Based on Aristotle's rhetorical theory of three persuasive strategies-credit strategy， rational strategy and emotional strategy， six topic variables are defined， that are （1）image-building （credit strategy）， （2）disease narratives and （3）medical expenses （rational strategy）， （4）family and affection， （5）persuasion and gratitude， and （6）positive narratives（emotional strategy）. A linear regression model Y=\alpha T+\beta C+Year+Province+\gamma +\mathrm{ϵ} is built to quantify the impact of different topics on fundraising performance. Meanwhile， model Y=\alpha T+\delta T\times TopicNum+\lambda TopicNum+\beta C+Year+Province+\gamma +\mathrm{ϵ} is adopted to estimate the moderating effect of number of topics.The results indicate that topics emphasizing disease， expenses and positive narratives significantly improve the fundraising performance； Topics highlighting family and affection， persuasion and gratitude and image-building have a significantly negative effect on fundraising performance. Furthermore， an increase in the number of topics enhances the negative impact of persuasion and gratitude on fundraising performance， while diminishing the effects of image-building， medical expenses and positive narratives. These findings not only deepen the understanding of the effect of textual features on fundraising， but also provide new ideas for improving fundraising performance. Figures and Tables | References | Related Articles | Metrics

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The Impact of Regional Social Capital on Medical Crowdfunding: Evidence from a Chinese Donation Crowdfunding Platform Fan Yang, Guopeng Li, Zhibin Tan, Zhigang Cao 2025, 33 (7):  105-116.  doi: 10.16381/j.cnki.issn1003-207x.2023.2177 Abstract ( 18 )   HTML ( 0 )   PDF (2224KB) ( 3 )   Save The rapid advancement of medical crowdfunding has reinvigorated charitable activities. Many people initiate applications on medical crowdfunding platforms， but the received funds often fall short of their goals. Many are even unable to take advantage of the informal mutual aid. Fully understanding the donation motivations in medical crowdfunding is a prerequisite for addressing this issue. The research of reciprocal motives in medical crowdfunding is empirically investigated and it is suggested that these motives can be indirectly measured through social capital. Based on 2015-2018 data from a donation-based crowdfunding platform， a logit regression model and a linear regression model are employed to explore how regional social capital impacts medical crowdfunding success. The results reveal that campaigns from areas with higher social capital usually raise more funds， have higher success ratios， and reach their fundraising targets more easily compared to those from areas with lower social capital. Moreover， due to their unique social capital， student-initiated campaigns often achieve their fundraising goals more easily than those initiated by non-students. Furthermore， it is found that in medical crowdfunding， social capital and material capital， such as housing， are somewhat substitutable； higher material capital diminishes the effectiveness of social capital. The valuable suggestions are offered for crowdfunding applicants to improve their fundraising performance. Additionally， insights are provided into how to better promote medical crowdfunding platforms and encourage more people to participate in the third distribution. Figures and Tables | References | Related Articles | Metrics

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Dynamic Comprehensive Evaluation Research on TOPSIS Three-dimensional Space Combined Fixed Weight Projection Based on CPSO Improvement Kan Zhang, Sishi Liu, Hua Wei, Peng Yu, Xin Liang 2025, 33 (7):  117-127.  doi: 10.16381/j.cnki.issn1003-207x.2022.1333 Abstract ( 20 )   HTML ( 0 )   PDF (4555KB) ( 7 )   Save The issue of comprehensive evaluation widely exists in various fields such as society， military， economy， and management， and the conclusions of comprehensive evaluation serve the goals of scientific decision-making. Aiming at the problem of three-dimensional dynamic evaluation considering time dimension， object dimension and index dimension at the same time， it points out the application disadvantages of the traditional TOPSIS method， puts forward a three-dimensional space combined weight projection model under the extended TOPSIS theory， and expounds its projection dimension reduction principle and algorithm implementation in this paper. On this basis， it is assumed that the index dimension has a nonlinear mapping relationship and the design idea of chaotic system are introduced. ANP structure model and CPSO optimization algorithm are selected to determine the object dimension and time dimension weight of the index system， and the final three-dimensional spatial combination weight and evaluation ranking results are calculated. The empirical results show that in terms of accuracy， the optimal fitness of CPSO algorithm is -1.344， better than that of SAG algorithm - 1.032， and avoids the defect of reverse optimization. In terms of convergence， CPSO shows a significant gradient decrease around the 5th generation， with a convergence speed three times that of PSO， while the EGA algorithm had relatively poor stability during the convergence process. Empirical research shows that the dynamic comprehensive evaluation model proposed in this paper can better solve the problem of three-dimensional spatial combination and weighting. Compared to PSO， SGA and EGA，CPSO has the advantages of global optimization of weights， fast search speed， simple weight determination method， and the comprehensive evaluation conclusion has strong credibility. Figures and Tables | References | Related Articles | Metrics

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Random-aggregation-based Index Based on Multi-source Hybrid Information and Its Applications Qiankun Dong, Pingtao Yi, Weiwei Li, Lu Wang 2025, 33 (7):  128-138.  doi: 10.16381/j.cnki.issn1003-207x.2022.1903 Abstract ( 23 )   HTML ( 0 )   PDF (2863KB) ( 12 )   Save The flourishing development of the big data era has led to the prevalence of decision situation involving multi-source hybrid information. Random-aggregation-based evaluation theory provides an effective solution for decision problems in such situations. However， existing research on random-aggregation-based evaluation has only focused on the fundamental measurement， neglecting the tracking function for the dynamic development of alternatives. In statistics， the concept of an “index” plays a role in dynamically monitoring the changes of phenomena. Therefore， the main objective of this paper is to study the calculation of random-aggregation-based index.Specifically， it focuses on addressing the following issues： （i） How to normalize multidimensional hybrid information data？ （ii） How to establish benchmarks based on random aggregation conclusions？ （iii） How to calculate the value of random-aggregation-based index？Motivated by the aforementioned issues， the primary contributions of this paper include： （i） A hierarchical dimensionless normalization method is proposed for the base period and reporting period， separately， to achieve a smooth index update. （ii） An index compilation method is presented in terms of the superiority matrix， in which a new idea of “introduction of reference objects” is used to determine the benchmark and the index value is calculated using the increment of the superiority. （iii） The concept of “Difference Matrix” is proposed and its random aggregation is given algorithm from the perspective of coordinate projection， along with discussing the associated index compilation method. （iv） The mathematical test reveals that the proposed indices， similar to the other classical indices， has the properties of identity， commensurability， determination， and proportion.Finally， an example concerning the performance appraisal is analyzed and it is found that the proposed index can accurately track the relative performance among employees in uncertain complex environments. Compared with existing dynamic comprehensive methods， the proposed index can effectively reduce computational workload and minimize result bias. Figures and Tables | References | Related Articles | Metrics

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Comprehensive Efficiency Evaluation of China’s Economic Development Quality Based on Parallel Two-stage Network DEA Model Shuya Yan, Guotao Yang, Xun Liang, Zhenyu Guan, Ziyan Liu 2025, 33 (7):  139-150.  doi: 10.16381/j.cnki.issn1003-207x.2023.1144 Abstract ( 31 )   HTML ( 0 )   PDF (2833KB) ( 12 )   Save China's economy is moving towards a higher quality and more efficient development path. The existing study evaluates the quality of China's economic growth， but few reviews the quality of development. Based on the data of 30 provinces and municipalities in China from 2017 to 2021， the parallel two-stage network DEA model is used to evaluate the comprehensive efficiency of China's regional economic development quality. In this paper， economic growth， public service and residents' health are integrated into an analysis framework， and further the changes and interrelationships between economic growth efficiency， public service efficiency and residents' health efficiency are analyzed. The results show that： （1） There is 0.3969 room for improvement in the comprehensive efficiency of China's economic development quality， and the average regional efficiency shows that Eastern > Western > Central regions. （2） The improvement of comprehensive efficiency requires the combined effect of growth efficiency and health efficiency， and there is more room for improvement of health efficiency； The improvement of growth efficiency depends on the two parallel sub-stages of economic growth and public services. In the meanwhile， Midwest regions need to focus on improving the efficiency of economic growth， and the Mid-eastern regions on the efficiency of public services. （3） There are significant differences in the improvement of input-output indicators among various provinces. In short， provinces need to find a balance between the growth stage and the health stage， as well as the economic growth and public service sub-stages， and solve the problem of imbalance and inadequacy between regions and provinces by improving the efficiency of input-output indicators， so as to better promote the overall efficiency of China's economic development quality. Figures and Tables | References | Related Articles | Metrics

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Does the User Text Interpretant Need to Be Splendid in Both Feeling and Writing in the Open Innovation Community? Empirical Analysis of Unstructured Data Based on Pierce Semiotics Xuemei Xie, Lei Yu 2025, 33 (7):  151-167.  doi: 10.16381/j.cnki.issn1003-207x.2022.1535 Abstract ( 20 )   HTML ( 0 )   PDF (3658KB) ( 10 )   Save In the context of open innovation， enterprises can invite users to participate in the process of new product development by establishing an open innovation community and obtain high-quality user ideas， which is an important way for enterprises to facilitate their new product development （NPD）. As a typical user-generated content （UGC）， the user text interpretant will change employees’ perceptions of the value of UGC and then affect NPD ideas’ endorsement. Based on Pierce’s semiotic theory， three types of user text interpretant are propased： text rhetoric， text style， and text sentiment， and a moderated mediation model of user text interpretant， user engagement， community activity is constructed， and NPD ideas’ endorsement is constructed. Using 1.04 million posts submitted by 823443 users in the Xiaomi Community， the impact of user text interpretant on NPD ideas’ endorsement is examined. The results are shown as follows： First， three dimensions of user text interpretant （text rhetoric， text style， and text sentiment） have positive influence on NPD ideas’ endorsement. Second， user engagement plays a mediating role in the relationship between the two dimensions of user text interpretant （text rhetoric and text style） and NPD ideas’ endorsement； cognitive engagement and behavioral engagement play mediating roles in the relationship between text sentiment and NPD ideas’ endorsement， while emotional engagement exerts a masking effect on the relationship between text sentiment and NPD ideas’ endorsement. Third， community activity moderates the mediating and masking effects of user engagement on the relationship between user text interpretant and NPD ideas’ endorsement. In addition， after a series of endogeneity and robustness tests， the above conclusions still hold. The results provide a new perspective for enterprises to acquire user knowledge and manage open innovation communities by constructing an intermediate mechanism for transforming user text interpretant into NPD ideas’ endorsement from the perspective of user engagement， which expands the scope of enterprise innovation model and deepens the user engagement theory. Figures and Tables | References | Related Articles | Metrics

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Iterative Optimization on Demand Prediction-Distribution Decision of Grid Warehouse under New Retail in Community Yuzhen Hu, Sirui Wang, Aoyu Zuo 2025, 33 (7):  168-177.  doi: 10.16381/j.cnki.issn1003-207x.2022.1251 Abstract ( 16 )   HTML ( 0 )   PDF (2161KB) ( 5 )   Save With the rise of new retail in the community， grid warehouse， as a transfer station linking online platforms and off line stores， is particularly important. However， online purchase demands of community customers are seriously affected by the changeable distribution environment of grid warehouses and the difficulty of delivery time. The decisions of grid warehouse operators are inevitably affected by the change of online demand distribution in communities， which brings high sorting and transportation costs and difficulties in profits making. Firstly， based on the analysis of interaction mechanism between the changes of community demand and the decision of grid bin distribution， a “community demand prediction and grid bin distribution decision making” iterative optimization framework is proposed in order to solve these problems. Secondly， a model of demand prediction based on support vector regression algorithm is constructed to predict the demand of community orders. Thirdly， an optimization model about distribution path of grid warehouse is constructed with the goal of profit maximization， using the adaptive large neighborhood search algorithm to solve it. Finally， an example with 35 communities is given to verify the effectiveness of the framework we proposed with the models and algorithms. Additionally， the changing rules of profit variation in different conditions is deeply explored based on the actual situation. It is shown that： （1） Using the iterative optimization framework considering different demands can increase total profit by about 50%. （2） In the stage of grid warehouse distribution decision， compared with the solution by Cplex solver， the Adaptive Large Neighborhood Search algorithm can Increase efficiency more than tenfold. （3） In the same region， the expansion of scale does not always lead to an increase in profits. As the number of pick-up points increases， the total profit shows a trend of “first increase and then decrease”. （4） For grid warehouse operators， it is recommended to use minivans and light trucks responsible for distribution tasks. The research achievement of this paper will provide a theoretical basis for the operation decision optimization of grid warehouse in the new retail environment. Figures and Tables | References | Related Articles | Metrics

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A Novel Seasonal Discrete Grey Forecasting Model based on Transverse and Longitudinal Dimensions and Its Application Xiaoyi Gou, Chuanmin Mi, Bo Zeng, Mingzhu Li, Yingting Xu 2025, 33 (7):  178-186.  doi: 10.16381/j.cnki.issn1003-207x.2022.2444 Abstract ( 34 )   HTML ( 0 )   PDF (2429KB) ( 15 )   Save Seasonal data have multiple complex characteristics such as seasonal fluctuation， cycle coherence， and stage variability， which bring challenges to the scientific construction of its forecasting models. To this end， firstly based on the matrixed processing method of time-series data， the dual perspectives of transverse and longitudinal dimensions of seasonal volatility characteristics are considered. Then， a new real domain fractional discrete grey prediction model is constructed through the introduction of dummy variables and the differential design of accumulation orders， realizing the effective simulation of the characteristics of seasonal data cycle coherence and stage variability. And a particle swarm algorithm is used to synchronize and optimize each variable of the new model in the real domain to further improve the modeling performance of the new model. Also， the modeling by two literature cases shows that the new model error decreases by about 77% and 82%， respectively， compared with the comparative literature models. Finally， the new model is applied to solve the forecasting problem of China's quarterly GDP data， and the results show that the error of the new model is 0.813%， while others are 2.545%， 1.517% and 2.667%， respectively. The research results provide a new modeling tool for studying the forecasting problem of seasonal data， which is of positive significance for improving and enriching the grey forecasting model method system. Figures and Tables | References | Related Articles | Metrics

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Prediction of Roof Water Inrush Based on Multivariate Integrated Analysis Model Qiushuang Zheng, Changfeng Wang 2025, 33 (7):  187-199.  doi: 10.16381/j.cnki.issn1003-207x.2023.1011 Abstract ( 30 )   HTML ( 0 )   PDF (4370KB) ( 12 )   Save Accidents involving sudden water inrushes during coal mining processes often result in significant casualties and property damage. A quantifiable risk prediction model is proposed using a multi-dimensional integrated analysis approach based on the nonlinear features of small-sample drilling geological data， and from the perspective of geological structures and hydrogeological conditions， with Wu Qiang's "three-maps method" as the foundation of research. The triangle fuzzy number quantitative characterization of the empirical comparison matrix is used to reasonably allocate subjective and objective weights of the main control factors through cooperative game theory. The established weights of the five main controlling factors are as follows： aquifer thickness （0.217）， aquifuge thickness （0.209）， core recovery rate （0.251）， permeability coefficient （0.137）， and sandstone lithology coefficient （0.186）. Then the PSO-SVM-GIS is used to fully explore the data relationships of water-conducting channels and to achieve data upscaling and spatial information processing using collaborative kriging interpolation. Finally， by coupling the representation of the necessary and sufficient conditions of risk， the quantitative results are visually represented qualitatively， achieving the goal of accurately predicting disaster risk using small-sample data. The Yingpanhao Coal Mine is selected as a case study for empirical analysis， employing the vulnerability index method to integrate thematic maps of the controlling factors within ArcGIS， weighted by their respective proportions. The working face is systematically categorized into zones according to the risk of water inrush， delineating areas as safe， relatively safe， transitional， moderately hazardous， and hazardous. This classification demonstrates a strong correlation with empirical observations， thereby facilitating the precise prediction of disaster risks through the utilization of a limited dataset. The results show that the optimized model of the three-graph method based on multi-dimensional integrated analysis has good accuracy and generalization ability， and accurately characterizes the nonlinear dynamic process of sudden water inrushes controlled by multiple factors， with small data volume and extremely complex formation mechanism， achieving precise judgment of high-risk areas for water inrushes. This provides technical support for formulating targeted preventive measures， which is significant in guiding the prediction and prevention of roof water damage and subsidence disasters， and thus ensures the safe production of coal mines in advance. Figures and Tables | References | Related Articles | Metrics

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A Dynamic Reactive Scheduling Method for the Resource Constrained Project Scheduling Problem Wuliang Peng, Xuejun Lin 2025, 33 (7):  200-209.  doi: 10.16381/j.cnki.issn1003-207x.2022.1425 Abstract ( 32 )   HTML ( 0 )   PDF (1879KB) ( 14 )   Save Under the uncertain environment， the actual practice of project scheduling is to generate a baseline schedule before the project starts. Then， in the execution process， the project is dynamically scheduled according to the baseline schedule under the interference of uncertain factors. In most cases with high uncertainty， project scheduling is run according to the iteration of “making baseline scheduling→executing→adjusting scheduling→executing→adjusting scheduling…” until the project is completed. However， so far， the mainstream uncertainty project scheduling problems， such as proactive scheduling， reactive scheduling， and stochastic scheduling， cannot be applied independently to this situation， thus limiting the application of uncertainty project scheduling theory research results in practical project management. To accommodate such project scheduling iterations due to uncertainty in the practical application scenario， a new resource-constrained dynamic reactive project scheduling method is proposed by fusing two uncertain project scheduling problems， reactive project scheduling and stochastic project scheduling. Before the actual scheduling， a heuristic algorithm based on priority rules is applied to generate a baseline schedule. In the actual scheduling process， all the decisions are made with the goal of minimizing the cost of adjustment to the baseline schedule. Firstly， a discrete-time Markov decision process （DT-MDP） model is built to describe the dynamic reactive scheduling process. The stochastic reactive resource-constrained project scheduling problem is first modeled by a discrete-time Markov decision process （DT-MDP）， in which decision points， state space， decision sets， state transfer equations， and the cost function are defined. Then， a look-up table algorithm is proposed based on the reinforcement learning theory to solve the problem， where the active durations are determined by Monte Carlo simulation and the projects are scheduled based on heuristic algorithms based on several priority rules. Finally， computation experiments are conducted based on the benchmark instances in PSPLIB to test the presented algorithm. The results show that the proposed method in this paper has obvious advantages compared with the existing stochastic scheduling methods. The method proposed in this paper not only remedies the deficiency of reactive scheduling in adjusting the plan without considering the randomness of subsequent activities， but also solves the problem of stochastic scheduling in the absence of a baseline scheduling plan. Since the method is closer to the actual uncertain project scheduling problem， it provides a new solution to various different project management practical application scenarios and offers a new idea for the integration and development of various uncertain project scheduling problems. Figures and Tables | References | Related Articles | Metrics

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Research on Optimization Model of Linear Engineering Construction Schedule Planning Based on IGSA Zelong Pan, Guohua Zhou, Chaoran Huang 2025, 33 (7):  210-221.  doi: 10.16381/j.cnki.issn1003-207x.2022.1627 Abstract ( 23 )   HTML ( 0 )   PDF (3335KB) ( 9 )   Save In linear projects where linear， bar and block activities coexist， for complex construction scenarios with multiple construction modes of linear and bar activities， and the construction direction of linear activities can be selected， the linear planning method is used to construct the construction schedule of linear projects. At the same time， an improved gravitational search algorithm is proposed. The algorithm conforms to the characteristics of discrete problems through integer coding and constraint rules， uses inferior particles to increase local search ability， adopts particle swarm algorithm memory strategy to improve convergence speed， and introduces adaptive crossover operator. The case simulation results show that the construction period optimization model and the improved algorithm can efficiently obtain the construction schedule of the complex linear engineering project under the shortest construction period， and provide managers with a scientific and reasonable construction period control decision-making method. Figures and Tables | References | Related Articles | Metrics

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Identification of Urban Rainstorm Flood Disaster Chain and Assessment of Systematic Risk Gaofeng Liu, Jiajing Li, Huimin Wang, Yanbing Gong, Feifei Tao 2025, 33 (7):  222-231.  doi: 10.16381/j.cnki.issn1003-207x.2022.2131 Abstract ( 40 )   HTML ( 0 )   PDF (2513KB) ( 18 )   Save A series of secondary derivative hazards triggered by urban rainstorms form rainstorm flood chains. The identification of disaster chains and the assessment of disaster chain risk based on disaster system theory are beneficial for enhancing the level of urban public safety emergency response. In contrast to previous research that focused on evaluating the risk of a single flood hazard， the construction of an event-evolutionary graph of rainstorm floods and a model for assessing systemic risk in disaster chains are introduced. A hybrid approach is developed in this study， which integrates disaster chains and complex networks to model and evaluate the systematic risk of urban rainstorms and flood disasters. The text data used in this study are sourced from news articles reporting flooding disasters between 2017 and 2021. The data are first preprocessed in this study， followed by the extraction of disaster event pairs using dependency language analysis and rule templates. Additionally， techniques for event clustering generalization and co-occurrence analysis are employed to create a factual knowledge map of the development of urban storm flooding disasters. Subsequently， risk level indices for flood and rainfall hazard chains are introduced， and a systematic risk assessment model that considers the amplification effect of hazard chain reactions on disaster scenarios is constructed. Cases from typical rainstorm events in Shenzhen， Henan， and Shanxi are selected. By comparing and analyzing the characteristics of disaster evolution， systematic risk response strategies， and management insights in different regions are proposed. The results indicate that （1） Distinct catastrophe events exhibit various characteristics and play roles in the dissemination effect of disaster risk progression， as revealed through the identification of the disaster chain of severe rainfall and flooding. （2） Through the assessment of systemic risk in the process of disaster chain evolution， it is observed that the same disaster event may trigger multiple disaster chains， and the value of risk is closely associated with the geographic environment and socio-economic development of different cities. Figures and Tables | References | Related Articles | Metrics

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Research on Emergency Supplies Reserve Strategy of Government-enterprise Cooperation from the Perspective of Hierarchical Responsibility Jihai Zhang, Qichang Guo, Xu Jiang, Zhengfan Yang 2025, 33 (7):  232-242.  doi: 10.16381/j.cnki.issn1003-207x.2022.0423 Abstract ( 26 )   HTML ( 0 )   PDF (3535KB) ( 10 )   Save At present， China has formed an pattern of emergency reserves with vertical linkage of governments at all levels and horizontal support of government-enterprise coordination. In the 2019 COVID-19 epidemic， the emergency supplies reserve system of China has exposed many problems. From the perspective of the government， there are limited incentives for the central government’s support measures to incentive local governments. From the perspective of government-enterprise cooperation， social reserves have not yet been widely used， and companies do not have sufficient motivation to reach a reserve agreement with the government. In order to improve the emergency supply and reserve system， the theory of evolution of the evolution is applied， and a three-party evolution game model composed of the central government， local governments， and reserve enterprises is built. Based on the payment function of each participant， the dynamic equation of each subject was determined， and the local balance points and evolutionary stability strategies of each subject in the evolutionary process are calculated， and the conditions for the implementation of each evolutionary stability strategy are determined. Through numerical simulation， the effects of the model's main influencing factors on the decision-making of emergency reserve participants. The results show that increasing the agreed reserve fee is conducive to enterprises participation in emergency supplies reserve， but it is not conducive to the long-term preservation of local governments； the central government’s special funding for disaster relief has limited impact on enhancing the willingness of government and enterprises to cooperate and reserve； in the construction of the central emergency reserve， the different levels of local government agent construction cost ratios will have a significant impact on the evolution path of local governments； there is no difference in the strategic choices of local governments under different government-enterprise subsidy sharing ratios， but it will have a positive incentive effect for enterprises to participate in reserves. In the future， it is necessary to reasonably determine the reserve cost of emergency supplies agreement， change the implementation thinking of emergency management， innovate the emergency reserve investment model， increase the distribution of central subsidies to enterprises， further improve the emergency material reserve system to realize the modernization of emergency management capabilities. Figures and Tables | References | Related Articles | Metrics

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Research on Emergency Material Purchase-reserve and Subsidy under Agreement Enterprise Reserve Mode Zhongquan Hu, Ao Shen, Xiaomei Li, Zongming Zhang 2025, 33 (7):  243-252.  doi: 10.16381/j.cnki.issn1003-207x.2023.2089 Abstract ( 21 )   HTML ( 0 )   PDF (1963KB) ( 6 )   Save The model of emergency material reserved by enterprises is one of the effective approaches for governments to enhance post-disaster supply capability. In order to further improve efficiency of cooperation， research is conducted on the purchase-reserve and subsidy issues of material procurement under the reserve mode， considering subsidizing unused materials to enhance quantity flexibility contracts. After deriving the optimal material reserve strategy for the enterprise， a corresponding supply chain coordination mechanism is designed. Using quantity flexibility contracts as a comparative benchmark， the superiority of subsidy flexibility contracts is proved. Finally， conditions for both the government and the enterprise are also provided to achieve coordinated mutual gains. Specifically， the following conclusions and managerial implications are yielded：（1） Under subsidy flexibility contracts， whether the enterprise chooses to establish a reserve partnership with the government depends not only on the probability of disaster occurrence during the reserve period but also on the procurement price and the level of subsidy offered by the government. If the disaster probability is low， the enterprise will only agree to pre-reserve materials for the government if both the subsidy and procurement price exceed certain thresholds. Conversely， if the disaster probability is high， the enterprise will be inclined to engage in cooperation with the government， regardless of the subsidy level， as long as the procurement price exceeds its critical value. This finding provides a reference for enterprises in deciding whether to participate in cooperation and determining the quantity of material reserves. It also offers theoretical support for governments in setting contract parameters.（2） Although the enterprise may accept the contract for pre-disaster material reserves when the procurement and subsidy prices are favorable， especially when disaster probabilities are low， the government may forgo offering such contracts due to high overall costs. Cooperation based on subsidy flexibility contracts is more likely to emerge when disaster probabilities are high. To enhance the overall cooperation efficiency between the government and the enterprise， the optimal material reserve strategy is explored under centralized decision-making and a supply chain coordination mechanism is proposed. This mechanism is found to be solely dependent on material-related costs and prices， and it is not influenced by the disaster occurrence probability or the specific distribution of post-disaster material demand. This simplifies the design of coordination mechanisms for the government and demonstrates the robustness and practical value of the proposed approach. Since the overall cooperation efficiency remains unchanged with subsidy price， both parties can negotiate this price to balance their interests. A higher subsidy price benefits the government by reducing costs， while a lower price favors the enterprise in terms of profit maximization.（3） On the basis of supply chain coordination， the impacts of factors on both the government and the enterprise are further analyzed. Specifically， as the disaster probability rises and spot market procurement price increases， the cost-benefit outcomes for both parties increase. The government's costs are more sensitive to changes in disaster probability and spot market procurement prices compared to the enterprise’s profits. Additionally， the change of subsidy price can alter the sensitivity of cost-benefit outcomes to these factors. When subsidy prices are low， both parties should closely monitor changes in disaster probability and spot market procurement prices， especially for governments.（4） Comparing subsidy flexibility contracts to quantity flexibility contracts， it is found that the former not only achieves supply chain coordination but also enhances overall cooperation performance by increasing material reserves. By setting reasonable subsidy prices， both the government and the enterprise can achieve win-win cooperation， highlighting the superiority and practical value of contract improvements. As disaster probabilities and spot market procurement prices rise， the advantages of subsidy flexibility contracts become more pronounced. However， this also increases the difficulty of achieving win-win cooperation. Therefore， both parties need to be more cautious in setting subsidy prices under such circumstances. Figures and Tables | References | Related Articles | Metrics

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Transportation Service Procurement Mechanism for Cold Chain Logistics Based on Multi-Attribute Online Double Auction Yajuan Wang, Yanyan Nie, Xianjia Wang 2025, 33 (7):  253-261.  doi: 10.16381/j.cnki.issn1003-207x.2022.1465 Abstract ( 16 )   HTML ( 0 )   PDF (2016KB) ( 9 )   Save With the rise of e-commerce， the procurement of cold chain logistics transportation services based on the online double market is increasingly developing. The attributes of price， transportation time and service quality have become important factors for shippers to choose transportation services. Nevertheless， existing procurement mechanisms for transportation services rarely incorporate multi-attribute demand into the dynamic environment of real-time transactions and ignore transaction costs. To solve this problem， a multi-attribute online double auction mechanism considering transaction costs is designed. For the demand of shippers with price attribute and non-price attribute in the online "many-to-many" market， first， the model for maximizing social welfare is established. Second， the allocation rule and payment rule to obtain multi-attribute online double auction mechanism are designed. Afterward， the characteristics of the mechanism are analyzed by theory and the performance of the mechanism is verified by a numerical example. Theoretical analysis shows that on the basis of pursuing the maximization of social welfare， this mechanism not only satisfies the multi-attribute requirements of shippers， but also satisfies individual rationality， weak budget balance and transportation balance. Furthermore， this mechanism can induce agents to report their true private values， arrival time and departure time. Finally， anumerical example analysis shows that the mechanism is efficient in the allocation of transportation services. The proposed mechanism satisfies the attribute preferences of transaction individuals in the double market and the transaction needs of the online environment， providing an effective reference for achieving fair and efficient procurement of cold chain logistics transportation services. Figures and Tables | References | Related Articles | Metrics

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Funding or Laboring? Cooperative Collection Strategy Selection in Dynamic Closed-loop Supply Chain Zongsheng Huang, Yuan Zhang, Lingkang Zeng 2025, 33 (7):  262-271.  doi: 10.16381/j.cnki.issn1003-207x.2022.2575 Abstract ( 21 )   HTML ( 0 )   PDF (2093KB) ( 4 )   Save Remanufacturing offers numerous advantages， including the reduction of natural resource consumption， the mitigation of pollutant emissions， the decrease in carbon emissions， and cost savings. The collection of used products plays a crucial role in remanufacturing and has gained significant attention from both academia and industry. Existing studies primarily focus on a single supply chain member being responsible for product collection. However， in practical scenarios， if a supply chain member solely undertakes the collection process， it will incur substantial costs and result in a low return rate. Therefore， it is essential to extend recycling responsibility to the entire supply chain and enhance the return rate through cooperative collection.Currently， supply chain members engage in cooperative collection through two methods： fund-cooperative and labor-cooperative. Fund-cooperative refers to the manufacturer providing financial support to alleviate the cost burden of the recycler， indirectly influencing the return rate of the supply chain. Labor-cooperative， on the other hand， involves manufacturers participating in collecting activities to assist the recycler in completing challenging tasks such as product transportation and consumer advertising， thereby directly impacting the return rate of the supply chain. For the manufacturer， it is crucial to explore their motivation to support the recycler's collecting activities and determine the most advantageous form of cooperation. A third-party recycler responsible for product collection is considered， with the manufacturer providing either fund-cooperative or labor-cooperative programs to the third party. The main problems addressed in this study are as follows： 1） What are the optimal strategies and profits for the manufacturer， retailer， and third party under different cooperation modes？ 2） How do different cooperation modes affect product return rates， prices， and market demand？ 3） Which cooperation mode is more advantageous for the manufacturer， and how do different cooperation modes impact the retailer and third party？To address these questions， we formulate a dynamic collection differential game model in which the manufacturer provides either fund-cooperative or labor-cooperative to the third party. An open-loop control strategy is employed to determine the optimal strategies and profits under non-cooperative， fund-cooperative， and labor-cooperative modes. By using the non-cooperative mode as a benchmark， the following results are drawn： 1） Cooperative collection consistently contributes to higher collection rates， enabling the manufacturer， retailer， and third party to achieve a Pareto improvement through such collaboration； 2） Compared to fund-cooperative， labor-cooperative is more effective in enhancing the return rate and generating higher profits for the manufacturer； 3） The model is further extended to consider situations where the collection costs of the manufacturer and third party differ. The results indicate that the fund-cooperative mode is more advantageous to the manufacturer only when the collection cost coefficient is relatively higher for the third party. Actively participating in collection activities， rather than solely providing financial support to the third party， proves to be a more effective cooperation mode for the manufacturer. Figures and Tables | References | Related Articles | Metrics

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Research on Financing Strategy of Advance Payment Supply Chain Jun Tian, Zanqiang Dong, Yali Li 2025, 33 (7):  272-283.  doi: 10.16381/j.cnki.issn1003-207x.2022.1399 Abstract ( 19 )   HTML ( 0 )   PDF (2886KB) ( 8 )   Save Under the mode of supply chain financing risk management， advance payment is one of the important ways to solve the risk problem in supply chain financing. Through the detailed study of the advance payment mechanism in the supply chain financing model， the characteristics of the financing model in the supply chain financial service and the application of the advance payment are analyzed， the models of financing and risk aversion strategies for supply chain enterprises are discussed， which are composed of suppliers， financing institutions and distributors， and the key factors are demonstrated that affect the implementation of financing interest rates by financial institutions， and it describes the risk transfer of the key factors in the financing process of prepaid account under the supply chain finance， and obtains the quantitative description of the profit of the financing institution through calculation， the expected revenue function of each party， the optimal order quantity of distributor and the whole revenue model of supply chain under the risk aversion of financial institutions are analyzed. The risk-return model of enterprises and financial institutions in advance payment supply chain financing strategy with an example is validated， and the result reflects the practicability and reliability of advance payment mechanism under supply chain financing model， for Financial Institutions and supply chain enterprises in the financing of useful reference. Figures and Tables | References | Related Articles | Metrics

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Design and Selection of Incentive Contract for Crowdsourcing Contest Considering Fairness Concern and Altruistic Preference Shang Gao, Jing Zhou, Ting Luo 2025, 33 (7):  284-293.  doi: 10.16381/j.cnki.issn1003-207x.2022.1091 Abstract ( 27 )   HTML ( 0 )   PDF (2150KB) ( 6 )   Save As an innovative organizationform，crowdsourcing contesthas become an important way for many firms to improve their competitiveness.However，due to these contests’ competitive attribute and the participants’ opportunistic tendency， the firms occur concerns whether their problems can be solved through crowdsourcing contest.Therefore，how firms design contract to incentive participants’ effort has become one of the most important and urgent issues in crowdsourcing contest.In order to solve the design problem of incentive contract between the firm and the participants，firstly，the principal-agent models based on the fixed-price awards and absolute performance are established separately when the participants are completely rational.Then， in view of the widespread behavior of decision-makers’ fairness concerns and altruistic preferences in reality，both of them are taken into consideration in the principal-agent model.Finally，in comparison with the principal-agent model with completely rational participants，the effects on the firm’s design of incentive contract and the participants’ efforts are explored arising from fairness concerns and altruistic preferences.In addition，the difference and effectiveness are compared between the incentive contracts based on the fixed-price awards and absolute performance，which can help to solve selection problem of incentive contract occurred by the participants’ bounded rational behavior.It is found that greater fairness concern and altruistic preference contribute to the improvement of firm’s expected utility. However， smaller fairness concern and altruistic preference have negative effects on the expected utility. Although these two preferences don’t necessarily help the firm improve the expected utility， the firm can always choose the optimal incentive contract for accommodating different preferences. For participants’ fairness concern that plays a leading role and is lager， the firm will choose the incentive contract based on absolute performance. For participants’ altruistic preference that plays a leading role， or participants’ fairness concern that plays a leading role but is small， the firm will choose the incentive contract based on the fixed-price awards.Research results are of practical significance for firms to design and select incentive contract in the crowdsourcing contest. Figures and Tables | References | Related Articles | Metrics

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The Double-edged Effect of the Tolerance of Channel Opportunism on Economic Performance: The Contingent Role of the Elements of Legal and Moral Norms Chuang Zhang, Zhihui Dou, Yong He 2025, 33 (7):  294-304.  doi: 10.16381/j.cnki.issn1003-207x.2024.0144 Abstract ( 26 )   HTML ( 0 )   PDF (2278KB) ( 9 )   Save In the context of marketing channels， the governance of opportunistic behaviour by enterprises is not solely aimed at establishing a transaction order； it is also intended to achieve economic performance. However， transaction cost theory posits that opportunism is an inherent tendency of economic entities. Consequently， the governance of opportunistic behaviour by enterprises also gives rise to costs associated with the design and implementation of governance mechanisms. It is therefore evident that the complete eradication of opportunistic behaviour through the implementation of governance is not a viable solution. In practice， however， channel enterprises frequently demonstrate a willingness to tolerate opportunistic behaviour. When faced with such behaviour from partner enterprises， they tend to maintain existing relationships， refrain from immediate intervention， and hope that the problem can be resolved independently. Nevertheless， existing literature has primarily focused on the negative consequences of enterprise tolerance on further opportunistic behaviour by partner enterprises， as well as the positive consequences of enterprise-led restoration of trust under certain conditions. There is a notable absence of research on the economic performance of channels.It is posited that the tolerance of opportunistic behaviour represents a expedient strategy for enterprises. It is based on social exchange theory and seeks to answer the research question of “how manufacturers' tolerance of opportunistic behaviour affects economic performance， and how these impacts will change in the context of legal and moral normative elements”. A mixed-methods approach is employed， combining first-hand paired data with second-hand data for empirical testing. This revealed a double-edged effect of manufacturers' tolerance of opportunistic behaviour on its economic performance， manifested as a U-shaped relationship. When the enforcement of contracts by manufacturers is more rigorous and the legal enforcement effectiveness of the region in which the manufacturer is located is more comprehensive， this relationship will become less pronounced. Conversely， when manufacturers have greater trust in their partner enterprises， this relationship will become more pronounced. A theoretical rationale is offered for the tolerance of opportunistic behaviour as a pervasive expedient strategy in channel management practice. Furthermore， it contributes to the existing research literature on response strategies and governance of opportunistic behaviour in channels. It also contributes to the existing body of research on the influence of institutional environmental factors on the variability of channel governance outcomes. References | Related Articles | Metrics

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Research on the Pricing Strategy of Community Group Buying Platform Considering Users’Affiliation Situation under Network Externality Jing Zheng, Yong Wang, Yue Chen, Yimin Song 2025, 33 (7):  305-315.  doi: 10.16381/j.cnki.issn1003-207x.2022.1444 Abstract ( 32 )   HTML ( 0 )   PDF (2258KB) ( 11 )   Save With the development of e-commerce and the prosperity of platform economy， the traditional retailing industry has suffered a huge impact， and the competition among various industries has become increasingly intensified. As a new retailing model， community group buying has received widespread attention from the society. The outbreak and continuation of COVID-19 makes community group buying one of the most popular O2O shopping patterns. Thus， community group buying is taken as the background， considers the platform network externalities and users' affiliation situation， a two-sided platform game model of community group-buying duopoly competitive market is constructed， and on the in-depth discussion and analysis are carried on to the platform's pricing strategy， market share and platform profit under the competition situation.The main results are as follows：　when users are single-homing， the two competitive platforms will share the single users' markets regardless of the changes of bilateral users' preferences and network externalities. The stronger the user's platform preference is， the more inclined to single-homing， and the stronger the network externality is， the more inclined to multi-homing. In different attribution situations， the platform's pricing for consumers will be affected by users' preferences and network externalities. When consumer' preferences exceed a certain threshold， the platform will charge them to increase profits， and otherwise subsidize them to market flow. Under the premise of only considering the consumers' same-side externality and suppliers' cross-side externality， the community group buying platform always adopts a charging strategy for suppliers. When partial suppliers change from single-homing to multi-homing， their market influence increases. Suppliers' preferences will not only affect their own pricing， but also affect the platform's pricing to consumers and platform' profits. Figures and Tables | References | Related Articles | Metrics

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Service Supply Chain Decisions with Consideration of Demand Disruption and Retailer’s Fairness Concerns Zhibing Lin, Geng Guo, Leiwen Chen 2025, 33 (7):  316-323.  doi: 10.16381/j.cnki.issn1003-207x.2022.2132 Abstract ( 29 )   HTML ( 0 )   PDF (2300KB) ( 10 )   Save Demand disruption inevitably breaks the equilibrium of the service supply chain and affect the fairness of revenue distribution in the supply chain. In the volatile market climate， the fairness of revenue distribution and original value-added services strategy should be concerned to alleviate the negative impact of demand disruption. Therefore， a service supply chain model is constructed， which consists of a manufacturer， who provide value-added services， and a fairness-concerned retailer. Then， the effects of value-added services and retailer's fairness-concerned behavior in supply chain are discussed based on game theory. And in the expansion section， the optimal strategy of the manufacturer is analyzed when the retailer has different characteristics. The results show that：（1） Value-added services provided by manufacturer help supply chain members cope with demand disruption and improve the revenue of the supply chain. （2） The retailer’s characteristics and fairness-concerned behavior impact the interval of robustness of supply chain members' decision-making. （3） When the deviation cost satisfied certain conditions， the manufacturer can improve expected revenue of supply chain by cooperating with retailers of certain characteristics. （4） The retailer's foresight behavior will aggravate the impact of demand disruption on the supply chain and may reduce the revenue of supply chain and the service capacity. Figures and Tables | References | Related Articles | Metrics

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Evolutionary Game Analysis for Blockchain Adoption Decisions of Two Oligopolies in An Agricultural Market Zhiwen Li, Xianhao Xu, Xu Guan, Qingguo Bai, Cheng Chen 2025, 33 (7):  324-336.  doi: 10.16381/j.cnki.issn1003-207x.2022.1918 Abstract ( 31 )   HTML ( 0 )   PDF (3124KB) ( 8 )   Save To alleviate consumers’ concerns about the quality of agricultural products and enhance consumers’ perception of product quality， companies are trying to use blockchain technology to trace and disclose the quality of agricultural products. Using signaling game and evolutionary game theories to explore the blockchain technology adoption decisions of two oligopolies in an agricultural market， and further analyze the impact of the presence of loyal consumers and government subsidy mechanisms on the evolutionary equilibrium of blockchain technology adoption decisions. The theoretical results show that the evolutionary equilibrium of these two oligopolies’ blockchain technology adoption decisions depend on the ratio of the added value of blockchain technology to the added value of the agricultural products. When this ratio is sufficiently small and increasing， these two oligopolies will go through three stages， i.e.， from Stage I in which this technology is not adopted by any oligopoly， to Stage II in which this technology is only adopted by one of the two oligopolies who oscillate between adoption and non-adoption， and then to Stage III in which blockchain technology is adopted by both oligopolies. The presence of loyal consumers makes it easier for companies to fall into the swing stage， while the government’s subsidy policies can help companies get out of the swing stage， i.e.， it makes these two oligopolies adopt blockchain technology. Figures and Tables | References | Related Articles | Metrics

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Merger and Acquisition Decisions for Firm under Carbon Emission Reduction Pengfei Luo, Xinle Liu, Ting Lu, Yong Zhang 2025, 33 (7):  337-345.  doi: 10.16381/j.cnki.issn1003-207x.2022.2311 Abstract ( 32 )   HTML ( 0 )   PDF (2465KB) ( 14 )   Save Under the goals of carbon peaking and carbon neutrality， carbon emission reduction is an inevitable choice for firms， which affects firms’ mergers and acquisitions （M&A） decisions in the industry. In addition， facing numerous economic risks， M&A is one of the feasible ways for firms in the manufacturing industry to seek development. According to CV source of Statistics' data on China's M&A market for 2021， the manufacturing sector was predominant in both quantity and disclosed transaction volume. With 774 transactions， it constituted 19.6% of all deals. Furthermore， it also accounted for the largest disclosed transaction volume at 45.094 billion dollars， contributing 20.8% to the total. Carbon emission reduction yields two distinct effects：While it mitigates the negative impact of societal and environmental concerns on product pricing， it concurrently increases firms' operating costs due to the expenses of implementation. As a result， firms strive to identify an optimal carbon emission reduction strategy to enhance their profitability. Based on this， an oligopoly industry M&A model is constructed. The real-options approach is utilized to study the impact mechanism of carbon emission reduction on the industry's product market equilibrium and firms' M&A decisions， and provides possible theoretical guidance for government policy formulation and firms' M&A decisions.Following Aguerrevere（2003）， Bigerna（2019）， Chevalier-Roignant and Kort（2020）， it is assumed that the inverse demand function of industry products at time t is given by：P_t=a{Y}_t-\phi {\displaystyle \sum _{i=\mathrm{1}}^N}{q}_i\left(\mathrm{1}-{\varphi }_i\right)-b{Q}_t,whereY_{\mathrm{t}} denotes all firms at the　\mathrm{d}{Y}_t=\mu Y_t\mathrm{d}t+\sigma Y_t\mathrm{d}{Z}_t,Y\left(\mathrm{0}\right)=y_{\mathrm{0}},moment observed industry demand shocks. The industry demand shocks Y_{\mathrm{t}} is given by：where　denotes the demand exposure to industry-wide shocks， and b denotes the sensitivity of demand price， and a，bare positive constant. Where {\varphi }_{\mathrm{i}}\in \left(\mathrm{0,1}\right) is constant represents the proportion of carbon emissions handled by firm i， \phi represents social environment concern， q_i is the output of firm i， and Q_t is the industry-wide output， and Q_t is given by：where　represents the expected growth rate， \sigmarepresents the volatility， \mu、\sigmaare positive constant， and Z_t is a standard Brownian motion.where　denotes the conditional expectation operator， given that the current industry shock takes the value Y\left(\mathrm{0}\right)=y_{\mathrm{0}}. Consider that there are two types of firms in this industry before M&A that is， large and small firm， and the capital stocks are k_l and k_s， respectively， where k_l=k，andk_s=k. Without loss of generality， the model considers a merger between a large firm and a small firm in the industry. The merged firm is called a super large firm， and its capital stock is \mathrm{3}k/\mathrm{2}.the profit of firmi consists of three parts　product revenue P_t{q}_i， production cost C， and carbon emission reduction cost \eta {\left({\varphi }_i{q}_i\right)}^{\mathrm{2}}/\mathrm{2}. Following Hackbarth and Miao Jianjun（2012）， the cost function brought by the output is quadratic canonical form， and is given byC=q_i^{\mathrm{2}}/\left(\mathrm{2}{k}_i\right)， and it is assumed that shareholders are risk neutral and the discount factor is risk-free rate r. To ensure that the present value of profits is finite， the model assumes . Figures and Tables | References | Related Articles | Metrics

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Dynamic Incentive Subsidy of Government for Renewable Energy Power Consumption under Blockchain Technology Zhongmiao Sun, Qi Xu 2025, 33 (7):  346-359.  doi: 10.16381/j.cnki.issn1003-207x.202.2721 Abstract ( 25 )   HTML ( 0 )   PDF (3898KB) ( 14 )   Save Renewable energy power consumption is an important way to achieve the China’s “Carbon Neutrality and Carbon Peaking” strategic goal. However， some regions in China only pursue the scale of wind power installation and economic benefits， ignoring the downstream consumption problem， which affects the sustainable development of the wind power industry. During the 14th Five-Year Plan period， China's new energy will grow substantially， and the average annual new installed capacity may double， and the cumulative installed capacity of new energy will account for 40% in 2030， surpassing coal power to become the largest power source. Therefore， China's renewable energy consumption will face greater pressure and challenges，in this paper， for the government’s dynamic incentive problem for power enterprises' renewable energy power consumption under the blockchain technology. Considering the smart contract， energy carbon token and market information disclosure of the blockchain， as well as the government’s carbon trading policy， and based on the state change of the expected consumption amount of renewable energy， the dynamic incentive subsidy models of the government are constructed by using principal-agent theory， including without blockchain， with blockchain and carbon trading under blockchain. The optimal control method is used to solve the equilibrium solution between the government and power enterprises in different situations， and the optimal dynamic trajectory change law of government incentive strategies are revealed， and the effects of relevant parameters， blockchain technology， and carbon trading policy are analyzed.The results suggest that　（1） Only when the opportunity cost of power enterprises is greater than a certain critical point and the fixed cost of blockchain is less than a certain critical point， the implementation of blockchain can help to improve the benefit of the government. （2） Only when the critical value of carbon emission reduction of power enterprises and the unit operation cost of blockchain are small， it is beneficial for the government to start the carbon trading market under the blockchain technology. （3） Under the government's dynamic incentive subsidy， the optimal dynamic trajectory of the expected consumption amount of renewable energy in different scenarios will increase monotonically over time and then tend to a steady state. （4） Finally， the numerical simulation shows that when the conversion rate of carbon emission reduction of power enterprises is relatively high， it is beneficial for the government to regulate and appropriately increase the carbon trading market price. The results provide good insights for the government to design the renewable energy power consumption incentive subsidy for power enterprises under the blockchain technology. Figures and Tables | References | Related Articles | Metrics

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Research on Optimal Emission Reduction and Regulatory Policies for Competitive Supply Chains under Carbon Trading Mechanism Jin Li, Heqi Jiang, Shengqi Ding, Haixia Zhang, Bei Wu 2025, 33 (7):  360-368.  doi: 10.16381/j.cnki.issn1003-207x.2022.2144 Abstract ( 25 )   HTML ( 0 )   PDF (2246KB) ( 13 )   Save The optimal emission reduction strategies and decision structure selection for competing supply chains under a cap-and-trade mechanism are in vestigated. It analyzes which decision-making approach （centralized vs. decentralized） is more conducive to supply chain emission reduction and profitability， and explores the impacts of carbon allowances and carbon prices. The research findings show： First， the profits of the supply chain and its members are negatively correlated with the intensity of competition. When competition intensity is low， centralized decision-making is the dominant structure for improving supply chain profits. However， when competition becomes too intense， centralized decision-making fails to enhance profits， and decentralized decision-making becomes the dominant structure for profit improvement. Second， an increase in government-set carbon allowances raises both firm and supply chain profits but does not affect firms' production and emission reduction decisions. Third， there exists a moderate carbon price in the carbon trading market—both excessively high and low carbon prices fail to incentivize firms to minimize product carbon emissions. Figures and Tables | References | Related Articles | Metrics